European markets led higher by UBS and BP

<p>- The European markets have been positive, led higher by UBS and BP – Meanwhile volumes remain thin and markets range bound as the Wall […]</p>

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- The European markets have been positive, led higher by UBS and BP

- Meanwhile volumes remain thin and markets range bound as the Wall Street is closed for a second day due to Hurricane Sandy

- UBS announced that they are cutting 10,000 jobs over three years as they wind down their fixed interest business

- UBS is up 14% so far this week

- BP announced better that expected third quarter results and increased their dividend from 8 cents to 9

- Spanish GDP shows country’s output shrank by 1.6% year-on-year, this was after weak retail sales down 10.6% and unemployment remaining stubbornly high at 25%. The outlook for Spain is very weak, however, Prime Minister Rajoy still denies a bailout is needed

- The US markets are scheduled to reopen tomorrow.

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